Sold after auction for an undisclosed amount

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Freehold ground rents of £4360 pa secured against 11 spacious apartments in a recently constructed, 5 storey block. Potential for further development subject to planning.

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Description/Location

The flats have 10 year build warranties and are all held on leases of 250 years from 2021 with the exception of Flat 11 (250 years from 2022). Potential for further apartments utilising the air rights subject to planning. The rents have RPI reviews every 20 years from 25/03/2040. The freeholder manages and insures. Flat 1: £520 pa. Flat 2: £550 pa. Flat 4: £450 pa. Flat 5: £550 pa. Flat 6: ("help to buy" lease), no ground rent . Flat 7: £495 pa. Flat 9: £395 pa. Flat 10: £650 pa. Flat 11: £750 pa. Flats 3 & 8: Peppercorn. We refer bidders to the legal pack for a schedule of leases and copy S5B Notices served on the lessees who have not exercised their rights of first refusal.

Tenure

Freehold

Local Authority

London Borough of Tower Hamlets

Office Contact

Please contact Ground Rent Auctions on 020 3987 0139.

Rent

Ground Rent: £4360 pa

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*Guide Price & Reserves

Generally speaking Guide Prices are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

The “Important Notes For Auction Buyers” at the front of the catalogue includes a definition of “Guide Price & Reserve Price”. All properties are subject to a purchaser’s administration fee of £1,500 + VAT unless otherwise stated in the addendum (£420 inc VAT for lots with guide prices up to £3,000). If the purchaser is liable for any further costs these will be stated within the Special Conditions of the legal pack, that have been produced by the seller’s lawyer, a copy of which can be downloaded from our website.